House Set to Approve Overhaul Bankruptcy Rules

Washington (July 29, 2002) -- The U.S. House of Representatives is expected to pass the final version of a bankruptcy bill that would make it tougher to walk away from debts, Reuters reported.

President Bush is expected to sign the measure, which is backed by banks, credit-card companies, auto-finance companies and other lenders, who argue the system is being abused by people who can afford to pay some of their debts, Reuters said. Opponents, including academics, labor unions and consumer groups, say lenders should shoulder some of the blame for fostering lax lending standards.